Hong Kong on Wednesday unveiled a new visa scheme to woo global talent where the city is planning to stem the brain drain.
The scheme named Top Talent Pass Scheme will allow those earning an annual salary of 2.5 million Hong Kong dollars ($318,472) or more and graduates of the world’s top universities to work or pursue opportunities in the city for two years.
Hong-Kong a semi-autonomous region has its own legal system and economy, but hundreds of thousands of residents have left the city in recent years, driven by a crackdown on political dissent and diminished freedoms after authorities imposed a tough national security law, and by strict Covid-19 entry restrictions in place during much of the pandemic.
“We must be more proactive and aggressive in competing for enterprises and competing for talent,” Said Chief Executive John Lee said during his maiden policy address on Wednesday. “Apart from actively nurturing and retaining local talent, the government will proactively trawl the world for talent.”
Furthermore, Lee announced a series of proposals which include tax rebates and relaxed measures for hiring foreigners — to boost the city’s competitiveness as the region suffered harsh due to covid-19 pandemic and its restrictions.
Foreign new home buyers can receive a partial refund of the stamp duty — a tax levied on property purchases — on their first residential property purchase when they become permanent residents.
The government will streamline processes for companies to employ foreigners in designated professions, set up a new task force to formulate recruitment strategies and provide support for newcomers, the executive continued saying.
Singapore overtook Hong Kong in a ranking of global financial centers last month. In August, it announced a new visa that allows skilled, high-earning foreign talent to work for more than one employer at a time.
Lee said the government would “further strengthen the legal system and enforcement mechanisms for safeguarding national security” as the city prepares to enact its own security law.
Currently, travelers to Hong Kong no longer need to complete mandatory quarantines. but they do have to do a slew of coronavirus tests daily in their first week.
They are only allowed to enter venues such as restaurants and museums when they’ve tested negative for the coronavirus for three days in a row upon arrival.
